Asked by Munei Tshidavhula on Jun 18, 2024
Verified
A supply curve that is a vertical straight line indicates that:
A) production costs for this product cannot be calculated.
B) the relationship between price and quantity supplied is inverse.
C) a change in price will have no effect on the quantity supplied.
D) an unlimited amount of the product will be supplied at a constant price.
Vertical Straight Line
In the context of graphing, a line that runs straight up and down, parallel to the y-axis, representing an infinite or undefined slope.
Quantity Supplied
The level of a good or service that sellers are eager and able to provide for purchase at a set price over a given period.
- Explain the distinctions between elastic, inelastic, and unitary in both supply and demand.
Verified Answer
HS
himanshu sharmaJun 23, 2024
Final Answer :
C
Explanation :
A vertical straight line indicates that the quantity supplied is fixed and will not change regardless of the price. Therefore, a change in price will have no effect on the quantity supplied.
Learning Objectives
- Explain the distinctions between elastic, inelastic, and unitary in both supply and demand.